MIRA
INFORM REPORT
|
Report Date : |
14.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
AUTOLINE INDUSTRIES LIMITED NIRMITI AUTO COMPONENTS PRIVATE LIMITED AMALGAMATED WITH AUTOLINE
INDUSTRIES LIMITED |
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Registered
Office : |
Survey Nos. 313, 314, 320 to 323 Nanekarwadi, Chakan, Taluka- Khed, District- Pune 410501, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.12.1996 |
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Com. Reg. No.: |
11-104510 |
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Capital
Investment / Paid-up Capital : |
Rs.122.050 Millions |
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CIN No.: [Company Identification
No.] |
L34300PN1996PLC104510 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA07017D |
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PAN No.: [Permanent Account No.] |
AABCA4534D |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on the
Stock Exchange. |
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Line of Business
: |
Manufacturer of sheet metal auto components, Subassemblies and main
assemblies. |
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No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 8000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Financial
position appears to be good. However, trade relations are reported as fair. Business
is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. Note: Subject company NIRMITI AUTO COMPONENTS PRIVATE LIMITED
amalgamated with AUTOLINE INDUSTRIES LIMITED with effect from 1st
April, 2010 |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
Management Non- Cooperative
LOCATIONS
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Registered Office / Factory 1 : |
Survey Nos. 313,
314, 320 to 323 Nanekarwadi, Chakan, Taluka- Khed, District- Pune 410501,
Maharashtra, India |
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Tel. No.: |
91-02135-664857 / 664865 / 664858 |
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Fax No.: |
91-02135-664853 / 664861/64 |
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E-Mail : |
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Website : |
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Factory 2 : |
S.No. 825, Kudalwadi, Post - Chikhali, Taluka -Haveli, Pune- 412 1141, Maharashtra, India |
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Factory 3 : |
T-135, MIDC, Bhosari, Pune - 411 026, Maharashtra, India |
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Factory 4 : |
S. Nos. 291 to 295, Nanekarwadi, Chakan, Taluka -Khed, Dist-Pune- 410 501, Maharashtra, India |
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Factory 5 : |
S. No. 613, Mahalunge, Chakan, Taluka- Khed, Dist - Pune- 410 501, Maharashtra, India |
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Factory 6 : |
F-II, 24/25, MIDC, Pimpri, Pune- 411 018, Maharashtra, India |
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Factory 7 : |
E-12-17 (7) and (8) , MIDC, Bhosari, Pune - 411 026, Maharashtra, India |
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Factory 8 : |
Plot Nos. 5, 6 and 8 Sector 11,IIE, TML Vendor Park, SIDCUL, Pantnagar - 263 153, Uttarakhand, India |
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Factory 9 : |
2/86, 7th Avenue, Ashok Nagar, Chennai - 600 083, Tamilnadu, India |
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Foreign Units 1 : |
DEP Autoline, INC.USA - 560 KirtsBlvd., Suite 103, Troy, Michigan - 48084, USA. |
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Foreign Units 2 : |
Autoline Industries USA, Inc - 100, Commerce Street, Butler, IN. 46721 USA. |
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Foreign Units 3 : |
Autoline Stampings Limited - 431 - 809 779, Gwanyang-dong, Dong-an-gu Anyang-si, Gysonggi-do, South Korea. |
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Foreign Units 4 : |
Koderat Investments Limited - P.O. Box 58184, 2™ Floor, Cassandra Centre, 29, Theklas Lyssioti Street, 3731, Limassol, Cyprus. |
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Foreign Units 5 : |
SZ Design Sri and Zagato Sri - Via Arese, 30 - 20017, Terrazzano di Rho (MI) - Italy. |
DIRECTORS
As on 31.03.2011
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Name : |
Mr. Prakash B. Nimbalkar |
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Designation : |
Non-Executive Chairman (Independent) |
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Name : |
Mr. Shivaji T. Akhade |
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Designation : |
Managing Director |
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Name : |
Mr. M. Radhakrishnan |
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Designation : |
Managing Director and CEO |
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Name : |
Mr. Sudhir V. Mungase |
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Designation : |
Whole Time Director |
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Name : |
CA Vijay K. Thanawala |
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Designation : |
Independent and Non – Executive Director |
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Name : |
Prof. Abraham Koshy |
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Designation : |
Independent and Non – Executive Director |
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Name : |
Mr. Ajit B. Karnik |
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Designation : |
Independent and Non – Executive Director |
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Name : |
Cmde. N. Ravindranathan IN. (Retd.) |
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Designation : |
Independent and Non – Executive Director |
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Name : |
Mr. Rakesh R. Jhunjhunwala |
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Designation : |
Non-Executive Director (Resigned with effect from 10th August, 2011) |
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Name : |
Mr. Amit K. Goela |
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Designation : |
Additional Director (Non-Executive) (Appointed with effect from 10th August, 2011) |
KEY EXECUTIVES
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Name : |
CA. Narayan G. Bhat |
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Designation : |
Chief Financial Officer (till 11th November, 2011) |
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Name : |
CA. Ravindra E. Ketkar |
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Designation : |
Chief Financial Officer (with effect from 11th November, 2011) |
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Name : |
Mr. Digambar C. Pargaonkar |
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Designation : |
Chief Operating Officer ( Operations) |
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Name : |
Mr. Ashutosh B. Kulkarni |
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Designation : |
Company Secretary |
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Name : |
Mr. Srinath Bramadesam |
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Designation : |
President |
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Name : |
Ms. Rachel Shupe |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Rajendra Dhas |
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Designation : |
Plant Head - Chakan - I |
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Name : |
Mr. Shekhar Sharma |
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Designation : |
Plant Head - Chakan - II |
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Name : |
Mr. Ganesh Avhad |
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Designation : |
Plant Head - Chakan - Iii |
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Name : |
Mr. Manoj Bhaiswar |
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Designation : |
Plant Head - Bhosari - I |
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Name : |
Mr. Avinash Patil |
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Designation : |
Plant Head - Bhosari - II |
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Name : |
Mr. Yogesh Ghodekar |
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Designation : |
Plant Head - Bhosari - III |
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Name : |
Mr. Rajeev Chawan |
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Designation : |
Plant Head - Bhosari – IV |
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Name : |
Mr. Santosh Kasture |
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Designation : |
Plant Head – Kudalwadi |
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Name : |
Mr. Sunil Sharma |
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Designation : |
Plant Head - Pantnagar, Uttrakhand |
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Name : |
Mr. Rajendra Melkania |
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Designation : |
DGM -(HR and Admin) - Pantnagar, Uttrakhand |
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Name : |
Mr. Satyanarayana Avindala |
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Designation : |
General Manager – Operations |
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Name : |
Lt Col. Kapil Srivastava (Retd.) |
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Designation : |
General Manager - (HR and Admin) |
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Name : |
Mr. Vijendra Bagade |
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Designation : |
DGM - Q.A. |
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Name : |
Mr. G.V.Ranga Raju |
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Designation : |
DGM - Tool Room |
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Name : |
Mr. Faiyaz Kashi |
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Designation : |
DGM - Development and Marketing |
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Name : |
Mr. Satish Satpute |
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Designation : |
AGM- Material Pricing |
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Name : |
Mr. Sanjeev Devadkar |
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Designation : |
AGM - Raw Material |
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Name : |
Mr. Sanjay Chalke |
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Designation : |
AGM- Excise |
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Name : |
Mr. Venkat Raghavan |
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Designation : |
AGM -Import and Export |
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Name : |
Mr. Prabhakaran Menon |
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Designation : |
CEO, Autoline Design Software Limited |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholders |
No.
of Shares |
Percentage
of Holding |
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(A)
Shareholding of Promoter and Promoter Group |
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2,606,567 |
21.36 |
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1,000,000 |
8.19 |
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3,606,567 |
29.55 |
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Total
shareholding of Promoter and Promoter Group (A) |
3,606,567 |
29.55 |
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(B)
Public Shareholding |
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70,015 |
0.58 |
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18,273 |
0.15 |
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310.000 |
2.54 |
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399,288 |
3.27 |
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2,286,162 |
18.73 |
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2,946,920 |
24.15 |
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2,083,960 |
17.07 |
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882,072 |
7.23 |
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127,725 |
1.05 |
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499,558 |
4.09 |
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Directors and their Relatives and
Friends |
125,875 |
1.03 |
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Foreign Nationals |
10,763 |
0.09 |
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Foreign Corporate Bodies |
118,151 |
0.97 |
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8,199,114 |
67.18 |
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Total
Public shareholding (B) |
8,598,402 |
70.45 |
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Total
(A)+(B) |
12,204,969 |
100.00 |
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(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
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Total
(A)+(B)+(C) |
12,204,969 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 Million Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl. |
Name of the
Shareholder |
No. of Shares held |
As a % of |
|
1 |
Rema Radhakrishnan |
664,717 |
5.45 |
|
2 |
Shivaji T. Akhade |
632,383 |
5.18 |
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3 |
Sudhir V. Mungase |
599,747 |
4.91 |
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4 |
Vilas V. Lande |
553,547 |
4.54 |
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5 |
M. Radhakris |
108,655 |
0.89 |
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6 |
Vilas V. Lande |
42,500 |
0.35 |
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7 |
M. Radhakrishnan |
1,298 |
0.01 |
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8 |
Shivaji T. Akha |
1,298 |
0.01 |
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9 |
Sudhir V. Mungase |
1,211 |
0.01 |
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10 |
Vilas V. Lande |
1,211 |
0.01 |
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11 |
Lincwise Software Private Limited |
1,000,000 |
8.19 |
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Total |
3,606,567 |
29.55 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. |
Name of the Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
|
1 |
Jhunjhunwala R. Rekha |
731,233 |
5.99 |
|
2 |
Religare Finvest Limited |
610,550 |
5.00 |
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3 |
Jhunjhunwala R. Rakesh |
520,000 |
4.26 |
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4 |
Religare Securities Limited |
434,047 |
3.56 |
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5 |
Tata Investment Corp. Limited |
200,000 |
1.64 |
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6 |
Emerging India Focus Funds |
165,0 |
1.35 |
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7 |
The Indiaman Fund (Mauritius) Limited |
145,000 |
1.19 |
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8 |
Pravindrachandra Batavia |
143,000 |
1.17 |
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9 |
Amit Goela |
125,000 |
1.02 |
|
10 |
Utpal Sheth |
125,000 |
1.02 |
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Total |
3,198,830 |
26.21 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
|
1 |
Jhunjhunwala R. Rekha |
731,233 |
5.99 |
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|
Total |
731,233 |
5.99 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of sheet metal auto components, Subassemblies and main assemblies. |
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Products : |
· Exhaust Systems · Sheet Metal Components · Formed Tubular Components · Major Assemblies · Skin Panels · Brake Shoes · Tipper and Load Bodies · Pedal System · Door hinges |
GENERAL INFORMATION
|
No. of Employees : |
3000 (Approximately) |
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Bankers : |
· Bank of Baroda · The Catholic Syrian Bank Limited · Axis Bank Limited · Kotak Mahindra Bank Limited · Small Industries Development Bank of India · Citi Bank N.A. · NKGSB Co-operative Bank Limited ·
Vidya Sahakari Bank Limited ·
State Bank of India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gujar Rawat Sheth and Associates Chartered Accountants |
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Address : |
Pune, Maharashtra, India |
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Internal Auditors : |
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Name : |
Chandrakant G. Doshi and Company Chartered Accountants |
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Address : |
Pune, Maharashtra, India |
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Entities where key
management Personnel or relatives of Key Management Personnel have
significant influence : |
· Autoline Design Software Limited · Autoline Industrial Parks Limited · Autoline Industries USA Inc. · Balaji Enterprises · Shreeja Enterprises · Siddhai Platers Private Limited · Sumeet Developers · Om Sai Transport Company · Autoline Stampings Limited Korea · Koderat Investments Limited · Hotel Vishwa Vilas ·
Hotel Aishwarya Restaurant |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
29500000 |
Equity Shares |
Rs.10/- each |
Rs.295.000 Millions |
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As per the Scheme of Amalgamation the authorised capital of the amalgamated companies has been the part of the authorised capital of the company
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12204969 |
Equity Shares |
Rs.10/- each |
Rs.122.050
Millions |
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(Include 20,04,728 Equity Shares of Rs. 10 each, which have been issued as fully paid Bonus Shares by Capitalising Free Reserves and Share Premium and 588,125 Equity Shares of Rs. 10 Each were issued for consideration other than cash.)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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|
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|
1] Share Capital |
122.050 |
122.050 |
122.050 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Share Warrants |
0.000 |
0.000 |
27.000 |
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3] Reserves & Surplus |
1901.415 |
1741.323 |
1610.798 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2023.465 |
1863.373 |
1759.848 |
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
1667.114 |
1167.691 |
1064.344 |
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2] Unsecured Loans |
310.216 |
386.100 |
333.623 |
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TOTAL BORROWING |
1977.330 |
1553.791 |
1397.967 |
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DEFERRED TAX LIABILITIES |
85.565 |
64.891 |
48.342 |
|
|
|
|
|
|
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TOTAL |
4086.360 |
3482.055 |
3206.157 |
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2937.046 |
2282.487 |
2048.853 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
834.167 |
874.936 |
856.223 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
343.743
|
253.058 |
211.172 |
|
|
Sundry Debtors |
246.962
|
303.778 |
210.326 |
|
|
Cash & Bank Balances |
138.966
|
83.194 |
12.028 |
|
|
Other Current Assets |
335.024
|
338.120 |
307.954 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
1064.695
|
978.150 |
741.480 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
583.972 |
535.555 |
378.908 |
|
|
Other Current Liabilities |
88.222
|
65.320 |
39.755 |
|
|
Provisions |
97.886
|
53.247 |
22.534 |
|
Total
Current Liabilities |
770.080
|
654.117 |
441.197 |
|
|
Net Current Assets |
294.615
|
324.033 |
300.283 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
20.532 |
0.599 |
0.798 |
|
|
|
|
|
|
|
|
TOTAL |
4086.360 |
3482.055 |
3206.157 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4976.624 |
2796.100 |
2340.726 |
|
|
|
Other Income |
14.874 |
29.973 |
18.656 |
|
|
|
TOTAL (A) |
4991.498 |
2826.073 |
2359.382 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
(Increase) / Decrease of Finished Goods |
(12.387) |
0.369 |
(14.070) |
|
|
|
Cost of Material Consumed |
3253.400 |
1765.234 |
1576.631 |
|
|
|
Other Manufacturing Expenses |
705.734 |
433.332 |
402.242 |
|
|
|
Employment Cost |
291.175 |
143.945 |
121.861 |
|
|
|
Administrative Expenses & General Expenses |
81.085 |
47.519 |
42.160 |
|
|
|
Selling Expenses |
70.673 |
55.654 |
12.049 |
|
|
|
Preliminary & Miscellaneous Expenses written off |
5.248 |
0.200 |
0.200 |
|
|
|
Investment written off |
0.500 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
4395.428 |
2446.253 |
2141.073 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
596.070 |
379.820 |
218.309 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
183.227 |
101.942 |
71.678 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
412.843 |
277.878 |
146.631 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
147.738 |
104.746 |
84.191 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
265.105 |
173.132 |
62.440 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
64.494 |
38.000 |
16.760 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
200.611 |
135.132 |
45.710 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
415.630 |
322.556 |
292.325 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
21.000 |
13.500 |
1.200 |
|
|
|
Dividend |
42.696 |
28.558 |
14.279 |
|
|
|
Tax on Dividend |
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
552.545 |
415.630 |
322.556 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
36.635 |
22.881 |
7.357 |
|
|
TOTAL EARNINGS |
36.635 |
22.881 |
7.357 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
7.171 |
10.197 |
33.890 |
|
|
|
Repairs & Maintenance |
0.042 |
0.000 |
0.000 |
|
|
|
Purchase |
3.319 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
10.532 |
10.197 |
33.890 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.44 |
11.07 |
3.75 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales Turnover |
1161.500 |
1371.200 |
1713.400 |
1594.400 |
|
Total Expenditure |
1018.300 |
1222.20 |
1511.800 |
1457.900 |
|
PBIDT (Excl
OI) |
143.200 |
149.000 |
201.600 |
136.500 |
|
Other Income |
4.400 |
0.900 |
4.500 |
14.300 |
|
Operating
Profit |
147.600 |
149.900 |
206.100 |
150.800 |
|
Interest |
58.000 |
75.000 |
68.900 |
82.700 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
203.900 |
|
PBDT |
89.600 |
74.900 |
137.200 |
272.000 |
|
Depreciation |
39.100 |
39.500 |
47.200 |
72.600 |
|
Profit
Before Tax |
50.500 |
35.400 |
90.000 |
199.400 |
|
Tax |
3.000 |
2.500 |
12.500 |
22.500 |
|
Profit After Tax |
47.500 |
32.900 |
77.500 |
176.900 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
47.500 |
32.900 |
77.500 |
176.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.12
|
4.78 |
1.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.33
|
6.19 |
2.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.62
|
5.31 |
2.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.09 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.36
|
1.18 |
1.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38
|
1.49 |
1.68 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
No |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
DETAILS OF SUNDRY
CREDITORS
Rs. In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors for Goods and Services |
533.063 |
312.826 |
317.381 |
|
Sundry Creditors for Capital Goods |
50.909 |
222.729 |
61.527 |
|
Total |
583.972 |
535.555 |
378.908 |
PERFORMANCE REVIEW
(CONSOLIDATED BASIS):
· Sales increased by 47.67% from Rs.4748.000 Millions to Rs.7011.580 Millions.
· Net sales (net of excise duty) increased by 46.47 % from Rs.4510.000 Millions to Rs.6605.920 Millions.
· Operating EBIDTA (Earnings Before Interest, Taxes, Depreciation and Amortization) increased by 33.23% from
· Rs.545.000 Millions to Rs.726.120 Millions.
· Profit Before Tax (PBT) increased by 33.09 % from Rs.266.000 Millions to Rs.354.010 Millions.
· Profit After Tax (PAT) increased by 30 % from Rs.216.970 Millions to Rs.282.060 Millions.
OVERVIEW OF PROGRESS
AT VARIOUS PLANTS:
A) Manufacturing
facility at Chakan Unit II – Nanekarwadi, Chakan, India:
This particular plant has large press capacity varying from 400 Ton to 2000 Ton inclusive of 2 nos. 1000 Ton Double Action Press machines. During the financial year, the Company has installed 2 nos. 400 Ton presses to cater requirements of new projects. The total No. of presses installed in this plant are 13. The Company has also set up a separate Die Maintenance area alongwith additional die washing facility and additional EOT Crane to meet the quality requirements of OEMs and increase in number of Large Dies.
During the year, the Company has been awarded business from Mahindra Navistar Automotives Limited. (Mahindra) in the first phase for supply of press parts/assemblies required for its Commercial Vehicles. In the second phase, Mahindra will be awarding business for their other new upcoming models of vehicles. The business expected is approximately Rs.1200.000 Millions per annum starting from the Financial Year 2012-13. The Company has already commissioned an Assembly line for Mahindra by adding various equipments and Spot Welding Guns.
The Company has further commissioned a new Welding Assembly Line for Y – 1 project of Tata Motors Limited (TML) for its Medium Commercial Vehicles. Try out assemblies have been produced from this line. Various other projects like Safari Merlin project, Xenon Euro 5 Project, Army Ambulance Project, Mudguard Project etc. are also under development.
This particular plant is engaged in manufacturing of various sheet metal components alongwith Major Assembly lines for Structure Assembly, Door Assembly, Door outers, Roof Tops, Floors and other Aesthetic items etc. for various models of Tata Motors-. Winger, ARIA, for Light Commercial Vehicles, Safari and various assemblies for Mahindra vehicles.
TOOL ROOM:
The State of the Art Tool Room is equipped with the best facilities for manufacturing various sheet metal large dies upto 4.5 Meters of world class quality along with in-house design facilities. Considering the business available in hand for tool manufacturing, the Company has manufactured various tools for domestic and international OEMs like – Tata Motors Limited, General Motors- India, Bajaj Auto Limited, Diamler India, FIAT India Private Limited, Cummins USA, American Axle Manufacturing, Volkswagen, Ashok Leyland – Nissan etc.
During this period, the tooling orders which were executed were valued at approximately ` 90 Millions.
B) Manufacturing
facility at Chakan Unit III– Mahalunge – Chakan, India :
This unit manufactures Silencers, Tubular Cross Members, Exhaust Systems from Engine to Tailpipe for e.g. - Front Tube with Bellows, Middle Tube, Muffler, Pre-Silencer, Post- Silencer, Main Silencer, Tail Pipe etc. for Heavy Commercial Vehicles (HCVs), Light Commercial Vehicles (LCVs) as well as Passenger Cars and mainly supplies to Tata Motors Limited. This unit also manufactures Radiator tubes, CAC inlet and outlet tubes etc. which are supplied to Asian Motors Works Limited. Structural Assembly as well as Press Components for TATA MARCOPOLO Buses for their Dharwad (Karnataka) Plant is also supplied from this location. It also manufactures required jigs, fixtures and small dies etc. and is technically equipped and has capability of designing and modification in products to suit customer requirements with Base Coat for painting. This unit has separate painting Booth for painting exhaust systems and structural Assembly etc.
C) i) Manufacturing
facility at Plot Nos. 5 and 8, Rudrapur –Uttarakhand, India:
The Company has already set up manufacturing facilities located at Plot Nos. 5 and 8, Sector 11, IIE, Rudrapur, SIDCUL, Uttarakhand which manufactures various sheet metal components and Welded Assemblies. Major Assemblies being Ace Load Body, Assembly Front Door inner – Ace 0.75 ton and Super Ace, ZIP, IRIS, Panel Front Door Outer – Ace 0.75 ton and Super Ace, Assembly Front wall - Super Ace and Venture, Sub frame Assembly – Venture, Load Floor Assembly –ZIP, Hinges – Ace Family etc.
These units supply to Tata Motors Limited. for domestic as well as export vehicles i.e. Ace (0.75 Ton) , Ace Magic, Super Ace, Venture, Magic IRIS, Ace ZIP etc. and is expected to take care of the large volume growth at Uttarakhand. Further these units supply Assembly Axle Beam for Ace - 0.75 ton and 1 ton to American Axles, Uttrakhand and cater to various requirements of Tata Motors Limited and its Tier One Suppliers at Uttrakhand.
At Plot No. 8, the Company have installed the press shop which consists of 9 large presses ranging from 400 tons to 1200 tons and 13 medium presses ranging from 60 tons to 350 tons. The Capacity utilization of these presses is around 75%. (with operating efficiency of 85%).
In April, 2011, Plot No. 5 commenced the production of IRIS and ZIP Vehicles with 150 vehicles per month and have achieved a daily production level of 200 per day as on date and having capacity of ramping upto 300 vehicles per day, as per customer requirement by the end of this year.
The Company has also been invited by Tata Motors Limited. to manufacture high deck load body for its Tata Ace, which was designed and developed by their Wholly Owned Subsidiary Company – Autoline Design Software Limited. The said design has been approved by Tata Motors Limited and protobuilds have been submitted for its evaluation.
ii) Manufacturing
facility at Plot No. 6 Rudrapur –Uttarakhand, India:
Further, considering the increase in volume of regular supplies and addition of new business at Uttarakhand, the Company has set up manufacturing facility at Plot No. 6, Sector 11, IIE, Rudrapur, SIDCUL, Uttarakhand which started its operations in the month of October, 2011. The Company has installed a small press shop and a welding set up to cater to the additional Press Part requirements and Welding Assembly requirements as per requirements of OEMs, mainly Tata Motors Limited.
D) Setting up
manufacturing facility at Plot No. E-12-17 (7), MIDC, Bhosari, Pune – 411 026:
The Company is in the process of setting up additional manufacturing facility at Plot No. E-12-17 (7), MIDC, Bhosari, Pune (Adjacent to Plot No. E-12-17 (8), MIDC, Bhosari, Pune). The Construction was started from January, 2011 and will be completed by end of November, 2011. The Company proposes to start its production for Volkswagen, Daimler and other OEMs. The press line of 6 Presses with capacity from 63 Ton to 350 Ton has been installed, as well as 5 Ton overhead crane and 200 CFM compressor have also been installed. Two assemblies will be set up for Volkswagen (i.e. ASM Pedal Cluster Brake/ETC and ASM Pedal Cluster Clutch) and four assemblies for Daimler ( i.e. Clutch for 9 Ton, Clutch for 12 Ton, Cab Stay and Cab Tilt for 9 Ton and12 Ton).
E) Manufacturing
facility at Plot No. E-12-17 (8), MIDC, Bhosari, Pune – 411 026: (formerly
known as Nirmiti Autocomponents Pvt. Limited.):
This world class facility manufactures and supplies Pedal Control Systems (Foot Control Mounting), Parking Brake,
Door Hinges, Mechanical Jacks and other Small Mechanical Assemblies to domestic and International OEMs like
Tata Motors Limited., General Motors India and Korea, Volkswagen India, Daimler India Commercial vehicles (Bharat Benz) and Ashok Leyland – Nissan etc. This facility has been certified EMS 14001, OHSAS 18001 and TS 16949 and comply with highest and stringent quality standards of the international OEMs. In-addition, this facility has also been qualified for General Motor’s QSB and Volkswagen’s formal “Q” Certification. This facility is equipped with a dedicated state of the art testing facility required for validating the safety of the critical product range which are being manufactured at this plant. This facility exports the GM Mini pedal systems to Korea as a part of GM global supply as single source with ‘0’ PPM for pedal systems.
New assemblies introduced during the year under scrutiny:
1. Ashok Leyland-Nissan “Dost” pedal system (BC pedal) and “Dost” hinge assembly.
2. General Motor’s M300 Beat diesel pedal system, General Motor’s M200 Spark pedal system.
3. Tata Motor’s Penguin parking brake, TML Penguin pedal system (with TMC mounting), TML Indica Vista Quadra-jet pedal system, TML Aria pedal system, TML Sumo Victa (DI-BS IV) pedal system.
F) Setting up
manufacturing facility at Dharwad, Karnataka:
The Company proposed to set up manufacturing facility at Dharwad for Tata Motors Limited.’s expansion of capacity for IRIS and ZIP and other new models. The business expected to be generated is approximately ` 200 Crores p.a. starting from the Financial Year 2012- 13. Tata Motors Limited proposed to start its production in the current financial year with support from Uttarakhand plants. The Company proposes to invest approximately ` 50 Crores in a phased manner to achieve production of 1200 per day of ZIP and IRIS vehicles during next 2-3 years as per requirements of Tata Motors Limited. For this purpose, land is being provided by Tata Motors Limited. in their vendor park at Dharwad.
G) Autoline
Industrial Parks Limited - (AIPL):
The Company, through its subsidiary AIPL, owns about 110 acres of land. AIPL has already received residential zone permission for about 40 acres of land and for the balance land about 70 acres, an application is made for the conversion of zone to industrial zone given the fact that Chakan area being fully developed with well- known companies like Volkswagen with 500 acres, Mercedes with 150 acres, Mahindra and Mahindra with 750 acres, General Motors with 300 acres, Hyundai with 100 acres and other multinational companies have started their units. All these companies are located within two km radius from this land location. The site is situated in the centre of all industrial activity in Chakan’s Auto Hub, opposite Bajaj Auto Limited on the proposed 6 lane Talegaon- Ahmednagar Road. Chakan is emerging as an auto manufacturing hub and is already adding more industrial area to cater the growing demand.
AIPL is continuing to explore the possibilities of a sale/ joint development in a manner most beneficial to all stakeholders. Negotiations are at different stages with few reputed corporate developers. Further, efforts for sale of land in parcels after part development are also being explored to maximize returns.
H) Autoline Design
Software Limited, India - (ADSL):
ADSL has emerged as a multifaceted, end-to-end Engineering Solutions Company that offers business solutions from art to part for manufacturing organizations worldwide. ADSL‘s expertise in weight optimization has been recognized by the leading OEMs. ADSL styling team has come with styling solutions for Helmets, lighting systems, Two wheelers, concept design for interior and exterior for 4 wheelers andconcept design for Consumer Goods. SMA team has been instrumental in providing latest Pedal Systems, Jacks and Parking brakes for leading automobile manufacturers globally like General Motors, Ford, Chrysler, Fisker, Ashok Leyland Nissan andDaimler etc. ADSL has also been able to get a global order working closely with DEP for a European Auto manufacturer. ADSL is also working closely with leading engineering company for conversion of existing SEDAN to LOAD CARRIER.
I) Autoline
Industries, Inc., Butler, Indiana, USA - (Autoline –Butler) :
1) During the year, Autoline –Butler successfully launched a Ford Pedal program to produce about 300,000 pedals / year. Additionally Autoline –Butler was able to secure three new pieces of business. The GM Alpha program which will launch in March 2012 with an annual sales of $ 1.6 Million, GM Jack program which will launch in January 2012 with an annual estimated sales of $ 2.2 Million and the Ford Pedal program which will launch in April 2012 with an annual estimated sales of $ 2.5 Million / year. Each of these programs will run a minimum of 4 years.
2) Autoline –Butler recently developed a one – piece pedal arm using a complicated process of stamping / welding. This one-piece arm is state of the art and it offers customers a 50% weight savings. This is of great importance as it helps the car manufacturers in fuel efficiency by making certain products of the car lighter.
3) Autoline –Butler’s product strategy since operations began in 2008 has always been 5 products in 5 years. Today Autoline –Butler has been successful in manufacturing Jacks, Brake Pedals, Shifters and now parking brakes. Autoline –Butler has reached 4 products in 3 years and with one more product to develop, get customer approval and obtain an order, this strategy will help in their growth with all of the customers.
The Company, through Autoline Industries Inc. USA, established and started operations in South Korea, to support a Global Small Car Program of OEMs.
J) SZ Design Srl and
Zagato Srl (“ZAGATO”) Milan, Italy :
The net worth of the SZ Design Srl Milan, Italy has been eroded due to various write offs. The original promoter of SZ Design, Srl and ICON Developments, SA has initiated Arbitration Proceedings against Koderat Investments Limited and 3 of its Directors and first Arbitration hearing was held in Milan, Italy on 19th November, 2010 to decide procedure and the next Arbitration meeting was held in 2nd week of September, 2011. No further steps have been taken till date.
Concordato Preventivo procedure under Italian Laws, originally scheduled on 20th September, 2011 was postponed to 20th October, 2011 and was finally held on 9th November, 2011. At the hearing held on 9th November, 2011 the required majorities for the approval of the Concordato Preventivo under the Italian Laws have been reached, although the Tax Authorities have again voted against the proposal. Based on information gathered, the process of Concordato Preventivo will take approximately one and a half months more and then a clear picture will emerge. After which suitable action can be taken by the Company.
MEGA PROJECT STATUS:
On 23rd June, 2011, the Company received “Mega Project” status to the Chakan Project located at S. Nos. 313/314, Nanekarwadi, Chakan, Tal: Khed, Dist: Pune – 410 501, [a ‘C’ Zone under the Package Scheme of Incentives (PSI) 2007] from Government of Maharashtra, Mumbai. The Company has submitted required documents for getting the Eligibility Certificate. The Company plans to submit the claim for getting the various benefits under Package Scheme of Incentives (PSI) 2007 starting from 1st October, 2009 to 31st March, 2011, and thereafter every financial year, on receiving the Eligibility Certificate.
Domestic Companies:
i) Autoline Design Software
Limited :
The gross income including exports achieved was Rs.23.030 Millions (Previous Year Rs.48.890 Millions). Profit before tax stood at Rs.2.300 Millions (Previous Year Rs.1.140 Millions). Profit after tax was Rs.1.440 Millions (Previous Year Rs.0.78 Millions).
ii) Autoline
Industrial Parks Limited:
During the year, the Company acquired the balance land and hence the business operations have not yet started. During the year, the Company earned dividend and interest income amounting to Rs.11.180 Millions. (Previous Year dividend and interest income was Rs.20.340 Millions).
iii) Nuvent
Technologies Private Limited:
The Company is the off shore Development Centre of DEP Autoline Inc. USA. During the period, gross receipts amounted to Rs.33.690 Millions (Previous year Rs.27.680 Millions) and net profit was at Rs.0.200 Million (Previous year Rs.0.650 Million).
Foreign Companies:
i) DEP Autoline Inc,
USA :
During the period, the turnover was USD 4504578 amounting to Rs.205.590 Millions (Previous year USD 2597477 amounting to Rs.123.230 Millions) and profit after tax was USD 283857 amounting to Rs.13.370 Millions. (Previous year USD 202320 amounting to Rs.10.580 Millions).
The Company has revised the terms and conditions of the Stock Purchase Agreement dated May 09, 2007 entered with the CEO and the promoters of DEP Autoline INC, USA (DEP) by entering into a Supplemental Agreement, by which promoters of DEP will increase their stake from 49% to 60%. Consequently the stake of Autoline Industries Limited was reduced from 51% to 40% with effect from 01st April, 2011. Further, the stake of Autoline Industries Limited in Nuvent Technologies Private Limited. was also reduced from 51% to 40%. This is expected to motivate the core promoters to greater performance and achievements. In case however, the performance does not improve and dividends are not paid beginning 1st January, 2012, the original arrangement of the Company owning 51% stake in DEP Autoline Inc, USA will revert back.
ii) Autoline
Industries, INC. USA :
During the period, the turnover increased to USD 31583076 amounting to Rs.1440.620 Millions (Previous year turnover was USD 20576225 amounting to Rs.979.170 Millions). During the period, the Company achieved net profit of USD 1375884 amounting to Rs.63.040 Millions (previous year net profit was USD 1152624 amounting to Rs.55.880 Millions).
iii) Koderat
Investments Limited:
Koderat Investments Limited, Cyprus a wholly owned subsidiary of the Company, is acting as a Special Purpose
Vehicle (SPV). During the period, the Company incurred Loss of Euros 12122 amounting to Rs.0.730 Million. (Previous year loss was Euros 51,512 amounting to Rs.3.120 Millions).
MANAGEMENT DISCUSSION
AND ANALYSIS
1. Economic Overview
The overall growth of gross domestic product (GDP) at factor cost at constant prices, as per Advance Estimates was 8.5 per cent in 2010-11, representing an increase from the revised growth of 8 per cent during 2009-10, according to the monthly economic report released for the month of October 2011 by the Ministry of Finance. The index of industrial production (IIP) stood at 1.9 per cent in September 2011, year-on-year (y-o-y), on back of slower than expected growth in manufacturing and within that, the capital goods sub-segment as well as due to high interest rates. During April- September 2011-12, the IIP growth was registered at 5.0 per cent as compared to 8.2 per cent during 2010-11.
The Finance Ministry has however, maintained that India remains firmly on a growth path of 7.5 per cent to over 8 per cent in the medium to long-term. However, there could be some temporary disturbances on account of global macroeconomic events like the Euro Zone sovereign default crisis and the slow pace of economic revival in the United States of America.
2. Industry Overview
·
Automobile
Industry:
The Indian Automobile Industry is the seventh largest in the world and has contributed significantly to the Indian economy. The industry grew at a rate of 8.6 per cent during 2010 – 11 and is expected to maintain its growth momentum even in the future backed by a strong consumption demand in the country even as the near term economic concerns begin to smoothen out.
Due to its deep forward and backward linkages with several key segments of the economy, the automotive industry has a strong multiplier effect.
The Automotive Industry comprises of automobile and auto component sectors. The automotive industry consists of segments like Commercial vehicles (CVs), Multi Utility Vehicles (MUVs), Sports Utility Vehicles (SUVs), Passenger Cars (PVs), two-wheelers, three-wheelers and tractors. Overall, the automobile industry reported a decent growth of 26.61% in sales in 2010-11 as compared to 2009-10 including exports. Total vehicle sales which included domestic and export sales in 2010-11 was 1,78,52,489 units as compared to 1,40,99,823 units during 2009-10.
However, of the overall growth, vehicles sales on the domestic front grew by 26.17% in 2010-11 as compared to 2009-10. According to the figure released by Society of India Automobile Manufacturers (SIAM), total vehicle sales in India in the year 2010-11 was 1,55,13,156 units as compared to 1,22,95,397 units during 2009-10.
·
Domestic
Sales
While on the export front, the vehicle sales grew by 29.64% in 2010-11 as compared to 2009-10. According to the figure released by Society of India Automobile Manufacturers (SIAM), total export sales in the year 2010-11 was 23,39,333 units as compared to 18,04,426 units during 2009-10. The segment wise break up of export sales for 2010-11 and 2009-10
·
Export
Sales
The Automobile industry body, Society of Indian Automobile Manufacturers (SIAM) has however lowered its vehicle sales growth forecast for FY12 to 11-13% from 12-15% announced three months earlier, mainly due to higher interest rates and rising fuel prices. It, however, said India became the top growing passenger car market in the world during the January- June period this year, overtaking the US, which grew at 14.40%.
In 2010 – 11, the total turnover of the automotive industry stood at USD 73 billion and is expected to grow by double to about USD 145 billion by the year 2016 as per the Automotive Mission Plan 2006 – 2016. This mission aims at making India a global automotive hub and thereby proposes to set up automotive hubs spread across 10,000 acres each in Central and Eastern India in addition to the existing and upcoming ones at Pantnagar in Uttarakhand and Chakan in Pune.
Bracing up with the fast growing automotive sector, the auto components industry too is poised to do well and capitalize on the emerging opportunities
Autocomponent
Industry :
India has the most competitive auto parts manufacturing industry in the world owing to its cost and man power advantages and resultantly, Indian auto components are being widely preferred by major international and domestic automobile manufacturing companies. Today, the industry has transformed from being a mere low cost supplier of components world over to becoming a global hub for outsourcing a range of high value critical auto parts.
As per a report from the Industry body, Automotive Component Manufacturers Association of India (ACMA), the turnover of the auto component industry was about USD 26 billion in 2010-11, up 18% from USD 22 billion in 2009-10.
The growing demand for vehicles from the emerging markets and global markets has led international as well as domestic OEMs to either set up their manufacturing base in India or to undertake capital investments to expand their capacities. This would fuel demand for auto components, thereby leading to a promising growth outlook for the auto ancillary industry in India.
Business Performance
During the year gone by, on a consolidated basis the Company recorded a growth of 46 % in Net Sales at ` 6,605.92 Millions from operations on the back of strong growth witnessed in volumes and completion of the amalgamation process of Nirmiti Autocomponents Private Limited and Western Pressing Limited. Resultantly, operating profits grew nearly 33 % at ` 726 Millions on account of good business traction witnessed by the Company as well as by the Company’s subsidiaries and also due to Company’s cost conscious approach. Naturally, with the uptick in business activity at the topline level, the bottomline too expanded by a healthy 32.7 % and stood at Rs.273.000 Millions.
Business Outlook :
The prospects for the automobile and auto component manufacturing companies though healthy, merit some caution in the wake of the uncertain global economic scenario in the United States and the European markets in the near term. Activities are slowing down and downside risks have increased again.
There will be some turbulence ahead with auto companies and resultantly, auto ancillary companies too getting caught in a scenario of higher input costs and slackening demand from its end user industries leading to higher inventories.
Nevertheless with a robust business model, an able management team and increased focus on value engineering capabilities, the Company is confident of its ability to weather such turbulence and improve growth prospects.
Strong domestic market demand fuelled by the rural market and an increase in per capita spending together with significant investments in capacity additions, positions the Company to capitalize from the expected upward trend in the market. Increased demand, prospects of higher margins from its proprietary product offerings and launch of new products are expected to result in significantly improving return on capital going forward.
Segment – wise
performance:
The Company is in the business of manufacturing of pressed sheet metal auto components and assemblies which is used in the manufacturing of the main product and in Design Engineering Services. All other activities of the Company revolve around the main business. The sales are primarily to Domestic Automotive Component Segment. However, the Company also has share in export segment.
AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH
2012
Rs. In Millions
|
Particulars
|
Quarter Ended |
Nine Months Ended |
|
|
|
Audited 31.03.2012 |
Unaudited 31.12.2011 |
Audited 31.03.2012 |
|
(a) Net Sales / Income from operations |
1594.400 |
1713.400 |
5840.500 |
|
(b) Other Operating Income |
-- |
-- |
-- |
|
Total Income |
1594.400 |
1713.400 |
5840.500 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
a) Cost of Materials sold |
1557.700 |
1110.700 |
4353.000 |
|
b) Purchase of traded goods |
-- |
-- |
|
|
c) Change in inventories of finished of finished goods, work
in program and stock – in-trade |
(237.800) |
(1.900) |
(265.900) |
|
d) Employees cost |
35.400 |
128.900 |
315.900 |
|
e) Depreciation |
72.600 |
47.200 |
194.500 |
|
f) Other expenditure |
|
|
|
|
- Manufacturing Expenses |
64.100 |
228.100 |
655.600 |
|
- Other Expenses |
38.500 |
46.000 |
155.500 |
|
Total |
1530.500 |
1559.000 |
5408.600 |
|
|
|
|
|
|
Profit from operations before other income, interest and
exceptional Items |
63.900 |
154.400 |
431.900 |
|
Other income |
14.300 |
4.500 |
24.100 |
|
Profit before interest and exceptional Items |
78.200 |
158.900 |
456.000 |
|
Finance charges |
82.700 |
68.900 |
284.600 |
|
Profit
after Interest but before Exceptional Items |
(4.500) |
90.000 |
171.400 |
|
Exceptional Items
|
203.900 |
-- |
203.900 |
|
Profit
(+)/Loss(-) from Oridinary Activities before tax |
199.400 |
90.000 |
375.300 |
|
Tax expense |
22.500 |
12.500 |
40.500 |
|
Net
Profit (+)/Loss(-) from Ordinary Activities after tax |
176.900 |
77.500 |
334.800 |
|
Extraordinary Items (net of tax expenses) |
-- |
-- |
-- |
|
Net Profit (+) / Loss (-) for the year period |
176.900 |
77.500 |
334.800 |
|
Paid up equity share capital (Face value of Rs.10/- per
share) |
122.000 |
122.000 |
122.000 |
|
Reserves excluding revaluation reserves as per balance
sheet of previous accounting year |
-- |
-- |
22,366 |
|
Reserve excluding revaluation reserves as per
balance sheet |
-- |
-- |
-- |
|
Debenture Redemption Reserve |
-- |
-- |
-- |
|
Earnings per share (EPS) |
|
|
|
|
(a)
Basic and diluted EPS before Extraordinary items for
the period, for the year to date and for the previous
year (not to be annualised) |
14.50 |
6.35 |
27.44 |
|
(b)
Basic and diluted EPS before Extraordinary items for
the period, for the year to date and for the previous
year (not to be annualised) |
14.50 |
6.35 |
27.44 |
|
Public shareholding |
|
|
|
|
Number of
shares |
8,598,402 |
8,598,402 |
8,598,402 |
|
Percentage
of shareholding |
70.45% |
70.45% |
70.45% |
|
|
|
|
|
|
Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
3,606,567 |
3,606,567 |
3,606,567 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
29.55% |
29.55% |
29.55% |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
Rs. In Millions
|
|
|
Standalone |
|
|
Particulars |
As at (current year end) |
|
|
|
(31/03/2012) |
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders' funds |
|
|
|
(a) Share capital |
122.000 |
|
|
(b) Reserves and surplus |
2219.700 |
|
|
(c) Capital Reserve on Consolidation |
|
|
|
Sub-total - Shareholders' funds |
2341.700 |
|
2 |
Share application
money pending allotment |
|
|
3 |
Minority interest |
- |
|
4 |
Non-current
liabilities |
|
|
|
(a) Long-term borrowings |
887.700 |
|
|
(b) Deferred tax liabilities (net) |
115.800 |
|
|
(c) Other long-term liabilities |
- |
|
|
(d) Long-term provisions |
|
|
|
Sub-total - Non-current liabilities |
1003.500 |
|
5 |
Current liabilities |
|
|
|
(a) Short-term borrowings |
1420.500 |
|
|
(b) Trade payables |
779.900 |
|
|
(c) Other current liabilities |
116.000 |
|
|
(d) Short-term provisions |
70.100 |
|
|
Sub-total - Current liabilities |
2386.500 |
|
|
|
|
|
|
TOTAL • EQUITY AND LIABILITIES |
5731.700 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
2874.100 |
|
|
(b) Goodwill on consolidation |
- |
|
|
(c) Non-current investments |
971.600 |
|
|
(d) Deferred tax assets (net) |
- |
|
|
(e) Long-term loans and advances |
85.300 |
|
|
(f) Other non-current assets |
15.300 |
|
|
Sub-total - Non-current assets |
3946.300 |
|
2 |
Current assets |
|
|
|
(a) Current investments |
- |
|
|
(b) Inventories |
824.900 |
|
|
(c) Trade receivables |
397.100 |
|
|
(d) Cash and cash equivalents |
67.000 |
|
|
(e) Short-term loans and advances |
292.500 |
|
|
(f) Other current assets |
203.900 |
|
|
Sub-total - Current assets |
1785.400 |
|
|
TOTAL-ASSETS |
5731.700 |
Note:
1. The above audited financial Results for the quarter and year ended 31st March, 2012 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 28th April. 2012.
2. The Board has recommended dividend of Rs.4/- (i.e. 40 %) per equity share of Rs.10/- each for the year ended 31st March, 2012 subject to the approval of the shareholders at the ensuing Annual General Meeting.
3. The figures for the corresponding previous periods have been restated / regrouped, wherever necessary, to make them comparable. The figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year.
For the financial year 2012, consolidated sales are exclusive of Value Added Tax (VAT) and excise duty while the previous year sales are exclusive of excise duty and inclusive of VAT amounting to Rs.413.900 Millions. Had VAT and excise duty been added, sales for the financial year 2012 would have been Rs.8469.600 Millions. (Previous year consolidated sales Rs.7011.500 Millions).
4. During the year, the Company received Eligibility Certificate for Mega Project under Package Scheme of Incentives. 2007 (PSI - 2007) from Directorate of Industries, Government of Maharashtra and is eligible for Industrial Promotion Subsidy of Rs.773.800 Millions over a period of 7 years from 2009. During the current financial year, the Company had claimed Industrial Promotion Subsidy of Rs.203.900 Millions. Accordingly Rs.203.900 Millions has been added under the head exceptional items for the current financial year.
Further for the current financial year with regard to sales tax dues amounting to Rs.82.400 Millions of earlier periods, have been debited under the head other expenses in profit and loss account.
5. The Company received letter of intent from Tata Motors Limited in April, 2012 for manufacturing facility for High Deck Load Body on Tata Ace at Uttarakhand. The production will be commenced from June. 2012. The business expected to be generated is approximately Rs.1200.000 Millions p.a.
6. The Company received letter of intent trom Tata Motors Limited in April, 2012 for Dharwad project. The Company proposes to set up manufacturing facility at Dharwad for Tata Motors Limited's expansion of capacity for Magic IRIS 8 Ace ZIP and other new models. The business expected to be generated is approximately Rs.2000.000 Millions p.a.
7. The Company operates through two business segments namely, a) Press Sheet Process and b) Design Engineering Services S Software Development. However Design Engineering Services S Software Development is not a reportable segment in terms of the criteria laid down in paragraph 27 of the accounting Standard -17 as the revenue/results.'assets of this segment are not more than the threshold limit of 10 % of the total segment revenue/result/assets.
8. As per Accounting Standard -21 (Consolidated Financial Results) issued by the Institute of Chartered Accountants of India, the Consolidated Financial Results are based on the audited financial results of subsidiaries, except the Annual unaudited financial statements of Koderat Investments Limited, Cyprus and Autoline Industries USA, Inc. Minority Interest is reduced in case of Autoline Industrial Parks Limited -48.88%.
9. The Financial results of foreign subsidiaries have been prepared as per GAAP, followed in the country of their incorporation.
10. The net worth of the SZ Design, Sri, has been eroded due to various write offs. At the meeting held on 19th January. 2012. The hearing for the approval of the Concordato Preventivo under the Italian Laws has been again postponed to 23rd February. 2012 as the Tax Authorities S one of the Creditor have voted against the proposal. SZ Design Sri. has been granted time upto 10th February 2012 to file reply to such oppositions. After the hearing of 23rd February 2012, the Bankruptcy Tribunal has reserved the decision. The Company will take suitable action after the decision.
11. The Tax expenses includes provision ot Deferred Tax Liability/ Asset as per Accounting Standard - 22 issued by The Institute Of Chartered Accountants of India.
Fixed Assets
· Land and Development
· Building
· Plant and Machinery
· Tools and Dies
· Computers
· Electrical Fittings
· Furniture
· Vehicles
· Office Equipments
· Water Cooler
WEBSITE DETAILS
Board of Directors
Mr. Vilas Lande:
Mr. Vilas Lande, Chairman Emeritus, is a founder promoter of the Company with long experience in Construction, Hospitality, Education and Transportation etc.
Mr. Prakash B.
Nimbalkar:
Mr. Prakash B. Nimbalkar,Chairman (Non- Executive) aged 63 years is a commerce graduate and also holds a law degree (B.Com, LLB) and is Certificated Associate of Indian Institute of Bankers (CAIIB). He has over 34 years of experience with Reserve Bank of India (RBI), Industrial Development Bank of India (IDBI) and Small Industries Development Bank of India (SIDBI). He was ex- Chairman and Managing Director of SIDBI. Currently he is on the Board of SICOM Limited, Mumbai.
As Chairman of SIDBI Venture Capital Limited, Mr. Nimbalkar was looking after the policy formulation, sanctions and monitoring of venture capital projects. At RBI his responsibilities involved surveillance of commercial banks, branches of foreign banks and central /state co-operative banks engaged in agricultural finance. He participated in Annual Meetings of the Board of Governors of the World Bank Group, International Monetary Fund, Asian Development Bank and ADFIAP representing SIDBI. Currently he is on the Board of SICOM Limited, Mumbai and United Western Bank Limited.
Mr. Shivaji Tukaram
Akhade
Managing Director and Chief Executive Officer (CEO) is founder promoter with long and varied experience in trading as well as manufacturing. He looks after the day to day operations of the Company.
Mr. Shivaji Tukaram Akhade aged 41 years, is a commerce graduate having long and varied experience in trading as well as manufacturing. He looks after the day to day operations of the Company and also provides guidance to the professionals who manage the marketing function. Mr. Akhade has been providing the vision and the direction to the company since inception. Although professionals have been recruited from the Automobile Industry for carrying out the various production activities, Mr. Akhade is fully conversant with the technicalities of the production process as a result of his experience in the early days of the firm when he himself looked after the responsibility of production.
Mr. M. Radhakrishnan
Mr. M. Radhakrishnan, aged 53 years, looks after Strategic Planning and Finance activities of the Company and works closely with the Managing Director on a day-to-day basis. Mr. Radhakrishnan is B.Sc. (Stat), LLB, DBM and CAIIB and has experience of around 23 years in the field of Development Banking and Finance having worked in various areas of project finance and rehabilitation of Industries in Industrial Development Bank of India (IDBI), and Small Industries Development Bank of India (SIDBI). He has worked in senior positions at Mumbai, Kolkata, Imphal, Pune and Ahmedabad, where he was General Manager in charge of Gujarat Region, before quitting IDBI and joining the Company on full time basis in October, 2000.
Mr. Sudhir Vitthal
Mungase:
Mr. Sudhir Vitthal Mungase aged 32 years has been associated with manufacturing operations in the company for the past 10 years and has acquired experience in Sheet Metal Press Operations. He looks after the production and maintenance under the direct supervision and guidance of the Managing Director.
CA Vijay K. Thanawala
Mr. Vijay K. Thanawala aged 59 years is a commerce graduate (B.Com) and is a fellow member of the Institute of Chartered Accountants of India (FCA). He is senior partner of M/s Tandon and Thanawala, Chartered Accountants. He also has his own proprietary concern in the name and style of M/s. Thanawala and Company. He has been a practicing Chartered Accountant for the past 32 years and has vast and varied experience in the field of Audit, Taxation and Management Consultancy. Areas of practice include corporate and personal taxation, appellate work, statutory audit and management and other internal audits.
Mr. Abraham
Koshy:
Mr. Abraham Koshy aged 53 years is Professor of Marketing at the Indian Institute of Management (IIM) Ahmedabad. He is on the Board of Directors of selected companies and member of committees constituted by the Government of India as well as Industry associations. He is Consultant to national and international organizations and companies in the areas of marketing strategy, brand management, product strategy, and social marketing.
Mr. Koshy was a visiting scholar at INSEAD and Groupe ESSEC, France. He was also Visiting Professor at Groupe ESCP-EAP, Paris. Prior to this, he worked as an Officer in a nationalized bank and subsequently became a faculty member at Cochin University of Science and Technology and at Centre for Management Development.
He is on the Board of Directors of selected companies and member of committees constituted by the Government of India as well as Industry associations. He is Consultant to national and international organizations and companies in the areas of marketing strategy, brand management, product strategy, and social marketing. His areas of research interest include product strategy, brand management and strategic marketing.
He has co-edited two books and published several case studies, chapters in books and research papers in professional journals and presented papers in national and international seminars.
Mr. Ajit B. Karnik
Mr. Ajit B. Karnik aged 58 years is a Senior Aircraft Maintenance Engineer in category A, C, and X and has over 30 years of experience in the field of aircraft engineering and maintenance. Till recently he worked with The Bombay Flying Club, Air Works India, Helicopter Services Private Limited, Aero copter Services Private Limited. At Bombay Flying Club, he was responsible for the Engine Overhaul shop, maintenance and certification of the fleet aircraft, day to day maintenance and certification of customers’ airplanes and helicopters. While working with Air Works India he established a separate Helicopter Division from Scratch and extended specialized services to defense helicopters. He then became a member of the Board of Helicopter Services Private Limited in the year 1987and worked as Executive Director and Quality control Manager.
Currently he is holding the position of Chairman and Managing Director in Aero Turbines (India) Limited a Company promoted by him to establish a modern facility for undertaking Repairs and Overhaul of aircraft gas turbine engines fitted on commuter and executive airplanes as well as helicopters.
Cmde. N.
Ravindranathan IN (Retd)
Cmde. N. Ravindranathan In (Retd) aged54 years has done AMIE, MI Mar(E), PG Diploma in Systems Management, Bajaj Institute (Bombay University). He has attended courses on management development at Administrative Staff College, Hyderabad /CDM Sicunderabad. He got 30 years of experience as Marine Engineer with Indian Navy in various areas. He held a post of Chief engineer of INS Vikrant, the Air Craft carrier, Joint Director of ship production, Fleet maintenance, warship projects and quality assurance, at Naval Head Quarters and Department of Defence Production, Ministry of Defence. He has Experience with indigenization and Techno commercial negotiations with foreign firms for production and technology transfer and also has Experience in the fields of Mercantile Marines, offshore rigs, Marine Insurance Surveys and Training.
Mr. Rakesh
Jhunjhunwala
Mr. Rakesh Jhunjhunwala aged 50 years is a commerce graduate (B.Com) and is a fellow member of the Institute of Chartered Accountants of India (FCA). He is one of the better known equity investors in India. Mr. Jhunjhunwala belongs to a class of investors who has created wealth through careful stock selection, patience and conviction. Among India’s successful investors, Mr. Jhunjhunwala is perhaps one of the few who has shared his insight into successful investing with the people at large through his articles, interviews and presentations. Mr. Jhunjhunwala founded his principles of investing – addressable opportunity, competitive ability, operating leverage and scalability, and integrity of the management. He is also known for his trading skills and believes that trend is his friend and learnt never to preempt trends. He also realized that investing also has a four letter word attached to it – RISK. As an investor he respects markets and believes that markets are never wrong. Markets are the basis and temples of capitalism. As an investor he never ends any of his opinion without saying that he can always be wrong, always reminding himself that market is always right. As a long term investor, Mr. Jhunjhunwala is credited with identifying stocks early on, believing in his investment, being patient and having conviction to hold the stocks for long periods of time. For him the price at which you buy is as or more important than what you buy. Mr. Rakesh Jhunjhunwala combines diverse skills as a brilliant equity trader, visionary investor and incubator of new businesses through private equity.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.85 |
|
|
1 |
Rs.86.88 |
|
Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.